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Net Income per Share
 12 Months Ended
Dec. 31, 2011
Net Income per Share

N.    Net Income per Share

The following table sets forth the computation of basic and diluted net income per share:

 

     2011
(53 weeks)		      2010      2009  
     (In thousands, except per share data)  

Net income

    $ 66,059       $ 50,142       $ 31,118   
  

 

 

     

 

 

     

 

 

  

Weighted average shares of Class A Common Stock

      8,905         9,553         9,952   

Weighted average shares of Class B Common Stock

      4,107         4,107         4,107   
  

 

 

     

 

 

     

 

 

  

Shares used in net income per common share — basic

      13,012         13,660         14,059   

Effect of dilutive securities:

         

Stock options

      678         514         275   

Non-vested investment shares and restricted stock

      51         54         22   
  

 

 

     

 

 

     

 

 

  

Dilutive potential common shares

      729         568         297   
  

 

 

     

 

 

     

 

 

  

Shares used in net income per common share — diluted

      13,741         14,228         14,356   
  

 

 

     

 

 

     

 

 

  

Net income per common share — basic

    $ 5.08       $ 3.67       $ 2.21   
  

 

 

     

 

 

     

 

 

  

Net income per common share — diluted

    $ 4.81       $ 3.52       $ 2.17   
  

 

 

     

 

 

     

 

 

  

Basic net income per common share for each share of Class A Common Stock and Class B Common Stock is $5.08, $3.67 and $2.21 for the fiscal years 2011, 2010 and 2009, respectively, as each share of Class A and Class B participates equally in earnings. Shares of Class B are convertible at any time into shares of Class A on a one-for-one basis at the option of the stockholder.

Options to purchase 213,000, 17,600 and 1,129,000 shares of Class A Common Stock were outstanding during fiscal 2011, 2010 and 2009, respectively, but not included in computing diluted income per share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase 65,000, 100,000 and 229,700 shares of Class A Common Stock were outstanding during fiscal 2011, 2010 and 2009, respectively, but not included in computing dilutive income per share because the performance criteria of these stock options were not expected to be met as of December 31, 2011, December 25, 2010 and December 26, 2009, respectively. Furthermore, performance-based stock options to purchase 219,700 and 125,500 shares of Class A Common Stock were not included in computing diluted income per share because the performance criteria of these stock options were not met and the options were cancelled during the twelve months ended December 25, 2010 and December 29, 2009, respectively.